Determine the account and amount to be debited and the account and amount to be credited for the following adjustment. Equipment purchased for $66,000 on January 3, 20X1, has an estimated life of 5 years and an estimated salvage value of $5,900. The firm uses the straight-line method of depreciation. Determine the adjustment for the month ended January 31, 20X1. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet <. 1 Record adjusting entry for depreciation. Note: Enter debits before credits. Date General Journal Debit Credit Jan. 31, 20X1 Record entry Clear entry View general journal < Prev 34 of 39 Next >

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Determine the account and amount to be debited and the account and amount to be credited for the following adjustment. Equipment
purchased for $66,000 on January 3, 20X1, has an estimated life of 5 years and an estimated salvage value of $5,900. The firm uses
the straight-line method of depreciation. Determine the adjustment for the month ended January 31, 20X1. (Round your answers to 2
decimal places.)
View transaction list
Journal entry worksheet
1
Record adjusting entry for depreciation.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Jan. 31, 20X1
Record entry
Clear entry
View general journal
< Prev
34 of 39
Next >
MAY 7
Coi
18
W
Transcribed Image Text:Determine the account and amount to be debited and the account and amount to be credited for the following adjustment. Equipment purchased for $66,000 on January 3, 20X1, has an estimated life of 5 years and an estimated salvage value of $5,900. The firm uses the straight-line method of depreciation. Determine the adjustment for the month ended January 31, 20X1. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 Record adjusting entry for depreciation. Note: Enter debits before credits. Date General Journal Debit Credit Jan. 31, 20X1 Record entry Clear entry View general journal < Prev 34 of 39 Next > MAY 7 Coi 18 W
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